Jul 2, 2008 4:55 pm US/Eastern
NAACP Fights Mortgage Discrimination
BALTIMORE (WJZ) ―
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Members of the NAACP rally for people to have the same interest rates on their mortages.
CBS
The number of people caught up in adjustable rate mortgages is staggering and the NAACP wants to take lenders to task.
Pat Warren reports there were harsh words Wednesday for predatory lenders.
The Baltimore chapter of the NAACP joined the NAACP National Day of Mortgage Discrimination. The NAACP is suing 17 of the nation's largest lenders for allegedly profiling African-Americans and systematically charging them higher interest rates.
"This is about the domestic, financial terrorism. This is about race and we join the NAACP in supporting the effort," said one man.
The national NAACP lawsuit was filed last July. Maryland was one of the first states to address foreclosures with emergency legislation.
"I really think that we've done a lot, it can always be better. But if there was more it would have been a moratorium, which would have stopped the actions that were already in progress. What has happened is if someone was being foreclosed in January, they don't get the same benefit of someone that was closed upon in April. So I think that is one thing we should look at, as to who has been hurt, that fell through the cracks and we didn't help yet " said Del. Jill Carter.
While the Maryland General Assembly did put laws in place to deal with predatory lenders, it did not address racial discrimination.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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